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AT&T Earnings Down, But Beat Estimates

AT&T’s stock was up 3 percent in early-afternoon trading Wednesday after reporting it’s earnings fell just 9 percent, a smaller drop than expected.

Also good news for the phone giant was a double-digit increase in revenue stemming from strategic business and IP-based services. In addition, the company made a nice gain in U-verse TV subscribers. Overall, AT&T’s net income in the first quarter of 2009 was $3.1 billion.

The company reported it also got a boost from Apple’s strong iPhone sales, which require AT&T wireless connectivity.

This news, along with good economic news from GE, helped push the stock market into positive territory Wednesday.


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